ETHUSD Medium-term Trend: Bearish
- Resistance Levels: $230, $240, $250
- Support Levels: $150, $140, $130
The ETHUSD pair is in a bullish trend zone. Yesterday, the crypto's price was in a bullish trend as it reached a high of $173.15 but the bulls were resisted. The crypto's price is retracing and it may fall to the support of either the 12-day EMA or the 26-day EMA. At the support level, the crypto's price will resume its bullish trend.
On the upside, if the crypto's price is sustained above the 12-day EMA, the $176 resistance level will be broken, with the price reaching the previous high of $184 and $200 price levels. However, if the bearish trend continues, the crypto's price will retrace to the support of the EMAs for a bullish trend resumption.
Meanwhile, the stochastic indicator is at the overbought region, but above the 40% range which indicates that the crypto's price is in a bullish momentum and a buy signal.
ETHUSD Short-term Trend: Ranging
On the 4- hour chart, the price of Ethereum is in a bullish trend. The ETH price has been ranging between the levels of $160 and $184 since April 3. The bulls have tested the resistance level on two occasions but fail to break it. The bears had tested the support levels on more than three occasions.
Today, ETH is trading at $173.59 at the time of writing. The crypto's price is retracing from the $176 resistance level and has fallen to the support of the 12-day EMA. On the upside, if the 12-day EMA holds, the crypto's price will resume its bullish trend to break the $176 resistance level and will reach a high of $185 price level.
On the other hand, if the bears break below the EMAs, the ETH is likely to fall to the $160 support level. Meanwhile, the stochastic indicator is at the overbought region but below the 80% range which indicates that the crypto is in a bearish momentum and a sell signal.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.